You are about to open your own business doing what you do best: installing floors. You'll be putting in floor coverings in general, like ceramic or vinyl tiles, laminates, and even old fashion hardwood floors!
Along with your tools and inventory, you are armed with the knowledge that in this litigious time in our history, you also need insurance. Whether you are an installer, tiler, or contractor, your business will require some consideration before launching.
Business Owner's Policy (BOP)
The first type of insurance you want to check out is a Business Owners Policy (BOP). A Business Owner's Policy is an insurance package specially put together for a specific type of business.
It is usually less expensive to buy the package than to buy the individual policies and endorsements. Generally speaking, the Business Owner's Policy for flooring installers would include Commercial Property Insurance, Commercial Liability Insurance, Business Interruption Insurance, and numerous endorsements.
Commercial Property Insurance
Commercial Property Insurance is the kind of insurance which will protect your business from unpleasant surprises like fires, theft, and natural disasters. These instances affect your buildings, whether owned or leased, equipment, tools, and other valuables which you might have to pay for if not for your commercial property insurance.
You can usually get Business Interruption coverage as well. Business Interruption coverage will reimburse you for some of your lost income should your business have to close after a claim. For instance, if you have a fire and the business has to close while the fire and water damage is being cleaned up, Business Interruption will help you.
Commercial Liability Insurance
Let's imagine you're laying a kitchen floor. The Homeowner comes into the kitchen, looking for their car keys. They see them on the table and begin to walk over to the table to pick them up. They trip over a small pile of ceramic tiles and break their toe.
General liability insurance, sometimes called Commercial Liability insurance, is the coverage which can protect your business if someone hurts themselves on the work site and needs medical attention or decides to sue your business.
Let's imagine now that you finish the job, and seven months later, you get a call from the customer, who is very unhappy. A couple of the tiles have come loose, they tell you, and their teenage son tripped over one of them, breaking his wrist when he hit the floor.
Immediate Insurance Quotes
If you would like to get a competitive insurance quote for your Business Owner's Policy, Commercial Liability insurance, or Commercial Property insurance, all you need to do is find the blue box near the top of the page, enter your zip code, and hit the button labeled "Start Now."